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Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
 Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in May 2015. But over the past few weeks, the scene has completely changed. There is an apparent lack of demolition candidates, while demo prices in the Indian subcontinent have lost over $30/ldt on average during the same period. Bangladesh and Pakistan were competing quite strongly offering a small premium over India’s Alang prices. However, the recent heavy decline in local steel plate prices has forced most end buyers to reduce their offering price.
In view of the restocking ahead of the monsoon season in late May –June and the annual budgets in Pakistan and Bangladesh during the same period, we remain to see if rumors of any new duties/taxes will come into effect for the respective domestic ship-recycling sectors, and how such developments will affect scrap buyers appetite.
We have to keep in mind that at the moment only Bangladesh and India can cut gas free and clean for hot works tanker vessels, as after the fatal accidents that took place in Pakistan earlier this year, there is still a total ban on the demolition of all wet units in the country.
Scrap prices are mainly dictated by steel demand and steel prices and these are subsequently affected by iron ore commodity prices. Iron ore prices had climbed from below $60/ton in Oct 2016 to approximately $96/ton in February this year. Since then, the price of the commodity has constantly dropped to settle at low $60/ton levels and at the end of last week when a full-scale retreat took place, with futures in China, Dalian Iron Ore witnessing a limit down on investor concern in regards to demand outlook.
It seems that the deleveraging of China's $4 trillion shadow banking system just accelerated massively as Bank Wealth Product Issuance crashed 15% month-over-month. With stocks and bonds already plunging, commodities joined the decline that came after tightened regulation on macro-prudential assessment and interbank business. According to the China Iron and Steel Association, there is still room for iron ore to decline further amid oversupply with imports and port stockpiles remaining at high levels that further support oversupply.
Over the past months, Capes and Panamaxes freight rates increased significantly by demand for more shipments, together with record steel production in China, and that has helped boost stockpiles at local ports. After peaking at a record 132.5 million tons in March, stockpiles have held near that level, according to Shanghai Steelhome E-Commerce Co.
Since the end of March though the BCI has lost more than 1,100 points and the average earnings quoted by the Baltic Exchange have dropped from $20,650/day to $12,446/day today. Is it time to panic? The reality is that we are still way above the $1,985/day the big bulkers were earning in March 2016, but signs are indicating a slowdown in demand that inevitably always leads to pressure on earnings. As we are all waiting to see how long will this pressure last, all hopes for sustained positive sentiment in the dry bulk market have now been placed on the grains trade that could potentially make up for some of the lost momentum due to the slowdown Capesizes are currently witnessing.
By John N. Cotzias
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Monday, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
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